A Study on the Structural Change and Volatility of International Grain Prices－Wheat, Corn and Soybeans are the Subjects of the Study－

Recent international grain price volatility has been significantly exacerbated by events such as the COVID-19 pandemic and the Russia－Ukraine war. While various claims exist regarding the causes of international grain price volatility, recent disruptions in supply chains due to the pandemic and war are believed to be major factors. This study examines structural changes in the prices of wheat, corn, and soybeans over the past 10 years, and investigates how volatility has changed around these points of structural change. The results indicate that while structural changes occurred in the prices of wheat and corn, no such changes were observed for soybeans. For wheat,